the icon to view the transactions.) uses the perpetual inventory system. equirem - . X ent 1. U Computin new in ise inve More info FIPO INV ting met Dec. 1 Beginning merchandise inventory 11 units @ $8 each into the 8 Sale 14 Purchase 8 units @ $ 18 each t.) 15 units @ $ 13 each 21 Sale Qua 13 units @ $ 18 each otal Cost 8 21 et more hein. Print Done Assume that Gameland store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) Gameland uses the perpetual inventory system. Read the requirements. Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cos merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 Dec. 8) Dec. 14 Dec. 21 Totals xt pages Get more help